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USA Anti-Money Laundering Regulations in Georgia: A Growing Concern

As the global economy continues to evolve, the need for effective anti-money laundering (AML) regulations has become increasingly important. Georgia, a country at the crossroads of Europe and Asia, has been actively engaged in bolstering its AML efforts to align with international standards and combat financial crimes effectively.

A Strong Foundation: The Financial Monitoring Service

In 2003, the Financial Monitoring Service (FMS) was established to monitor and detect suspicious transactions, as well as report them to the relevant authorities. This marked a significant step forward in Georgia’s fight against financial crimes.

Enhanced Regulations: A Key Step Forward

In 2019, the Georgian Parliament adopted the Law on Facilitating the Prevention of Money Laundering and Financing of Terrorism, which authorized the FMS to supervise banks, microfinance institutions, foreign exchange offices, investment companies, and other financial institutions in the country. This law has helped strengthen Georgia’s AML framework and brought it closer to international standards.

Cryptocurrency Regulations: A New Frontier

With the rise of cryptocurrencies, Georgia has taken steps to regulate this new asset class. Starting in 2023, the country will begin monitoring cryptocurrency firms to prevent money laundering and ensure compliance with sanctions. This move is part of a broader effort to position Georgia as a prominent player in the global cryptocurrency industry.

High-Risk Sectors: A Focus on Compliance

The FMS has identified several high-risk sectors that are required to implement AML controls to protect themselves from financial crime. These sectors include:

Banks and financial institutions
Foreign exchange offices
Investment companies
Insurance companies
Real estate and property developers
Law firms and legal professionals
Accounting firms and auditors
Casinos and gambling establishments
Jewelry and precious metals dealers
Non-profit organizations
Exporters and importers

AML Solutions for Georgia Businesses

As the regulatory landscape in Georgia continues to evolve, businesses operating in the country must prioritize AML compliance. Sanction Scanner is dedicated to providing cutting-edge technologies to assist Georgian businesses in successfully navigating the regulatory world.